Technical Audit Support for AFS reporting compliance
March 25, 2018
We can assist with technical AFS review support to entities on IPSAS (International Public Sector Accounting Standards), Modified Cash Standards (PFMA entities) and GRAP (South African Schedule 3A & 3C entities, Municipalities, certain Legislatures, Constitutional Entities, FET Colleges, etc.) as part of their year-end Annual Financial Statement processes, e.g.:
Technical Audit support & process assistance
Annual AFS preparation and audit process challenges experienced by our clients include:
- Keeping up to date with complex and highly technical accounting and auditing standards;
- Extremely rigid reporting timelines.
- Restricted response time available as service delivery should always be a continuous process.
- Different opinions between preparers and the Auditor General of South Africa (AGSA) on technical issues raised by the AGSA.
We believe that our assistance provided to your entity during the audit process together with the timing, quality and validity of explanations for audit findings will have a positive impact on the audit opinion expressed by the Auditor-General of South Africa. Our hands-on approach to providing solutions to these challenges includes:
- Exercising control over issued audit findings and responses provided;
- Evaluation of audit findings and management responses through expert technical knowledge;
- Assistance with a timely compilation of quality responses to audit findings;
- Review of client prepared responses to ensure those audit findings are appropriately addressed;
- Audit file preparation assistance;
- Compilation of an action plan based on audit findings including detailed corrective measures;
- Assistance in executing the action plan ranging from housekeeping issues to highly technical issues;
- Monitoring progress of action plans executed by staff members;
- AFS Quality review;
- Automated reporting tools.